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GMX Resources Inc. Message Board

  • smart_biddr smart_biddr Apr 15, 2013 12:51 PM Flag

    Examples of E&P companies emerge from ch11 common mostly intact

    May 14, 2010, 12:19pm CDT

    Saratoga Resources exits bankruptcy
    Casey WootenReporter

    Saratoga Resources Inc. has emerged from Chapter 11 bankruptcy protection, the company said Friday.

    The Houston-based exploration and production company has filed with U.S. bankruptcy court a notice of compliance with its reorganization plan.

    In conjunction with the bankruptcy exit, Saratoga (OTCBB: SROEQ) has modified the terms of some of its debt. All creditors of the company will be paid in full and all equity holders will retain their existing shares, the company said in a statement.

    “We are very pleased to have emerged with our assets intact, our shareholders’ position substantially unchanged and our debt obligations restructured to reduce the interest burden on the company,” said Thomas Cooke, chairman and chief executive officer of Saratoga.

    Saratoga, previously based in Austin, opened a Houston office in September of 2008 and formally moved its headquarters here in January 2009.
    ----------------------------------------------------------

    pre ch11 symbol SROE
    post ch11 symbol SARA

    enjoy your investment-

    Sentiment: Hold

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